[Table_Title] 双主业稳固，先进电子材料持续突破 报告要点 丨证券研究报告丨 公司研究丨点评报告丨圣泉集团（605589.SH） [Table_Summary] 公司发布 2024 年年报，2024 年实现收入 100.2 亿元（同比+9.9%），实现归属净利润 8.7 亿元 （同比+9.9%），实现归属扣非净利润 8.3 亿元（同比+12.7%）。其中 Q4 单季度实现收入 28.7 亿元（同比+18.1%，环比+13.6%），归属净利润 2.9 亿元（同比-6.6%，环比+15.2%），扣非 归属净利润 2.8 亿元（同比-4.5%，环比+23.4%），拟 10 股派 5.5 元，共派发现金红利 4.5 亿 元。此外，公司发布 2025 年一季度业绩预告，预计实现归母净利润 2.00-2.15 亿元，同比+45.6% 至+56.5%，实现扣非归母净利润 1.83-1.98 亿元，同比+45.0%至+56.9%。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research. ...

请阅读最后评级说明和重要声明 l 证券研究报告 l 战略数据研究丨深度报告 港股超额行情复盘之 AH 红利择时篇 丨证券研究报告丨 报告要点 [Table_Summary] 本轮港股红利成长超额对标 A 股风格的行情启动于 2024 年 11 月份，由 AI 带来的产业机会成 为科技行情爆发的催化剂，但是港股红利的相对收益或更多来自于资金面变化。本篇从风格比 较出发，基于港股通开通后港股大幅跑赢 A 股的历史阶段进行复盘，寻找 AH 配置择时的重要 线索，并重点聚焦于红利风格配置差异，梳理港股红利组合测算容量空间及 AH 红利择时。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.95579.com 2 [Table_Title2] 港股超额行情复盘之 AH 红利择时篇 [Table_Summary2] 五维度比较看，AH 溢价来自何处 A 股和港股市场价差来源，可以归结于基本面、产业结构、流动性、投资者结构和交易制度等 五大维度。港股超额行情的启动和结束多源 ...

丨证券研究报告丨 联合研究丨公司点评丨新天然气（603393.SH） [Table_Title] 量价齐升主业稳健，气-油-煤全布局未来可期 报告要点 [Table_Summary] 公司发布 2024 年年报。2024 年营业总收入达到 37.77 亿元，同比增长 7.4%，归母净利润为 11.85 亿元，同比增长 13.12%。其中单四季度营业总收入为 8.12 亿元，同比下降 16.81%，归 母净利润为 3.03 亿元，同比下降 18.19%。煤层气销售量价同比均实现提升，主业发展持续稳 健；竞得新疆三塘湖矿区七号勘查区探矿权，进一步夯实上游资源储备；通过"强链、延链和 补链"战略，有望构筑和夯实"天然气全产业链化"。 分析师及联系人 [Table_Author] 魏凯 张韦华 王岭峰 司旗 SAC：S0490520080009 SAC：S0490517080003 SAC：S0490521080001 SAC：S0490520120001 SFC：BUT964 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新天然气（603393 ...

丨证券研究报告丨 世界经济与海外市场丨点评报告 [Table_Title] 关税靴子落地，何去何从？ ——美国对等关税政策点评 报告要点 [Table_Summary] 对等关税靴子落地，其政策框架为"10%基准关税/个性化对等关税"。美国将汇率操纵和贸易 壁垒纳入各国对美关税考量，个性化对等关税幅度大超市场预期。但用各国"对美贸易逆差额 /对美出口额"得到的比值，和美国公布的各国对美关税税率较为接近。聚焦中国来看，若此次 披露的对华 34%对等税率落地，则美对华关税税率将达到 64.9%。这或将冲击我国出口和经 济，稳增长必要性提升。落地资产配置：1）看多黄金；2）宽松或在路上，看多债券；3）短期 内需相关板块是潜在受益者；4）长期看，技术含量高、价格弹性低的行业相对受益。 分析师及联系人 [Table_Author] 于博 黄帅 敬成宇 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 关税靴子落地，何去何从？ 2] ——美国对等关税政策点评 [Table_Summary2] ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 5.012 billion yuan for 2024, representing a year-on-year increase of 47.9%, and a net profit attributable to shareholders of 0.812 billion yuan, achieving a turnaround from losses [2][4] - The strong performance in the gaming business is attributed to the successful launches of new games such as "Start Your Journey, Muffin" and "Heart Town," which significantly boosted revenue and profit margins [8] - The TapTap platform continues to benefit from high-demand self-developed games and a recovery in game advertising demand, leading to sustained user growth and the release of commercial potential [8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.012 billion yuan, with a net profit of 0.812 billion yuan and an adjusted net profit of 0.877 billion yuan, marking a return to profitability [2][4] - For the second half of 2024, the company reported a revenue of 2.792 billion yuan, a year-on-year increase of 70.6%, and a net profit of 0.606 billion yuan, also returning to profitability [4] Gaming Business - The gaming revenue for the second half of 2024 increased by 106.8% year-on-year to 1.95 billion yuan, with a significant rise in the average monthly paying user count [8] - The gross margin for the gaming business improved to 64.6%, up 18.6 percentage points year-on-year, driven by the strong performance of self-developed games [8] TapTap Platform - TapTap's user base in China grew by 19.1% year-on-year to 44.85 million MAU, while international MAU reached 5 million [8] - The revenue from the TapTap platform for the second half of 2024 was 844 million yuan, reflecting a year-on-year increase of 21.5% [8] Operational Efficiency - Marketing expenses increased by 31.2% year-on-year due to new game launches, but the sales expense ratio decreased significantly, indicating improved operational efficiency [8] - The adjusted net profit margin for the second half of 2024 was 22.9%, a substantial improvement from previous periods [8] Future Prospects - The company is focusing on the progress of new game reserves and the empowerment of its AI platform, with several new games expected to launch in 2025 [8] - The company has completed the registration of its generative AI service TapSight and integrated AI features into the TapTap platform [8]

丨证券研究报告丨 行业研究丨点评报告丨环保 [Table_Title] 《关于完善价格治理机制的意见》出台，公 用事业市场化改革持续推进 报告要点 [Table_Summary] 中共中央办公厅、国务院办公厅近日印发《关于完善价格治理机制的意见》，提及健全促进可持 续发展的公用事业价格机制（包括水价、垃圾处理费、天然气、供热等）。推进公用事业市场化 改革，利好相关企业盈利性保障和现金流改善，具备估值修复逻辑，看好垃圾焚烧、水务、燃 气板块的优质标的。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Title 《关于完善价格治理机制的意见》出台，公用事 2] 业市场化改革持续推进 [Table_Summary2] 事件描述 中共中央办公厅、国务院办公厅近日印发 ...

丨证券研究报告丨 行业研究丨点评报告丨公用事业 [Table_Title] 中央强调推动电价改革，市场机制有望加速完善 报告要点 [Table_Summary] 中共中央办公厅、国务院办公厅发布《关于完善价格治理机制的意见》（以下简称意见），其中 提到，分品种、有节奏推进各类电源上网电价市场化改革，稳妥有序推动电能量价格、容量价 格和辅助服务价格由市场形成，探索建立促进改革平稳推进的配套制度。容量及辅助服务价格 市场化改革的推进，有望对各类稳定出力及提供灵活调节能力的电源形成系统性利好，以火电 为代表的电源有望深度受益。此外意见还强调加速推进绿证、碳市场价格机制完善，预示着绿 电价格改革将仍是未来的重点方向，绿电的环境价值有望加速兑现。 分析师及联系人 research.95579.com [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% 1 公用事业 cjzqdt11111 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved an annual revenue of 13.716 billion yuan in 2024, representing a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [2][4] - In Q4 2024, the company reported a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [2][4] - The company continues to expand its large air separation and overseas markets, achieving significant results in new gas business areas [10] Summary by Sections Financial Performance - The company’s total revenue for 2024 was 13.716 billion yuan, with a gross profit of 2.860 billion yuan, resulting in a gross margin of 21% [14] - The gas business revenue was 8.100 billion yuan, a decline of 1.15% year-on-year, with a gross margin of 16.17%, down 2.52 percentage points [10] - The equipment manufacturing business generated revenue of 4.525 billion yuan, an increase of 6.77% year-on-year, but the gross margin decreased to 27.71%, down 2.14 percentage points [10] Business Development - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h [10] - The company’s liquid sales reached 2.82 million tons, exceeding the previous year's 2.40 million tons [10] - The company is actively developing new gas applications, including electronic gases, medical gases, and high-purity gases, with significant sales growth in pipeline electronic-grade hydrogen and helium [10] Future Outlook - For 2025, the company expects gas prices to stabilize, with ongoing project implementations and anticipated steady growth in gas sales [10] - The company forecasts net profits attributable to shareholders of 1.08 billion yuan, 1.30 billion yuan, and 1.50 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 19, 16, and 14 times [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to shareholders of 4.037 billion yuan, representing a year-on-year growth of 19.37% [2][5]. - The LNG business has become a highlight, with significant contributions from the energy and chemical sectors following their consolidation into the company's financials [9]. Summary by Sections Business Performance - The company's internal and external oil transportation and LNG businesses reported gross profits of 1.47 billion yuan, 3.59 billion yuan, and 1.08 billion yuan, respectively, with year-on-year changes of -0.9%, -13.5%, and +25.2% [9]. - The LNG fleet expanded to 51 vessels in 2024, an increase of 8 vessels compared to the previous year [9]. - The energy and chemical business acquisition added stable profit sources, with gross profits from chemical and LPG shipping operations each at 50 million yuan [9]. Future Outlook - The company anticipates a 55% increase in stable profits from internal trade and LNG operations by 2028, reaching 4.35 billion yuan [9]. - The expected performance for 2025-2027 is projected at 5.32 billion yuan, 6.20 billion yuan, and 6.32 billion yuan, with corresponding price-to-earnings ratios of 10.1, 8.6, and 8.5 times [9].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company is expected to achieve a revenue of 25.8 billion yuan in 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders is projected to be 5.11 billion yuan, an increase of 5.6% year-on-year. The net profit after deducting non-recurring items is estimated at 5.02 billion yuan, reflecting an 8.1% year-on-year growth [2][5]. Financial Performance - The average daily freight rates for various oil tanker types in 2024 are projected to be 37,000 USD for VLCC, 40,000 USD for Suezmax, and 40,000 USD for Aframax, with year-on-year changes of +59.5%, -24.8%, and -16.3% respectively [10]. - The company has secured 30.7% of its oil tanker freight income from transactions with Unipec, a state-owned enterprise, ensuring a stable supply of cargo [10]. - The company’s VLCC fleet is undergoing continuous upgrades, resulting in a decrease of approximately 6% in the average breakeven point year-on-year [10]. Market Dynamics - The dry bulk freight index (BDI) and its sub-indices have shown significant year-on-year increases, with BDI at 1755 (+27.3%), BCI at 2724 (+37.8%), and BPI at 1567 (+9.7%) [10]. - The company has adopted a flexible strategy for its smaller vessel types, including long-term transportation agreements with miners and opportunistic chartering [10]. - The company’s container shipping segment has benefited from high demand, with freight rates for routes to Australia and Southeast Asia increasing by 214% and 180% respectively in 2024 [10]. Future Outlook - The company is positioned to benefit from a potential recovery in oil and dry bulk shipping markets, with expectations of improved demand due to geopolitical factors and economic recovery [10]. - The projected net profits for the company for 2025, 2026, and 2027 are 6.4 billion yuan, 7.0 billion yuan, and 7.2 billion yuan respectively, with corresponding price-to-earnings ratios of 8.4, 7.7, and 7.5 [10].